Addition towards single premium paid on policy taken for the ...

Court Rules Only Net Premium Amount Taxable for Director's Insurance Policy; No Extra Tax Required.

March 7, 2022

Case Laws Income Tax AT

Addition towards single premium paid on policy taken for the Director by the Company - Determination of sum of addition - Gross amount or Net amount of premium - assessee had neither availed any deduction under Sec 80C of the Act in respect of the premium paid to SBI nor claimed any deduction under section 10(10D) of the Act and offered ₹ 3,09,000/- for tax in his ROI, according to me, no addition was warranted. Therefore in this case only the net amount (Net of TDS) should have been taxed, which assessee has already offered to tax in his ROI. - AT

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Addition towards single premium paid on policy taken for the ...

Court Rules Only Net Premium Amount Taxable for Director's Insurance Policy; No Extra Tax Required.

March 7, 2022

Case Laws Income Tax AT

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